Wearable Medical Devices market detailed information about each segment and identifies key trends, drivers, and challenges in the global industry. Key players implementing the latest technologies to transform healthcare through differentiated solutions
NEWARK, Del., March 05, 2024 (GLOBE NEWSWIRE) — The market value of wearable medical devices is expected to rise from… 38,580.9 million US dollars In 2024 to 84,848.6 million US dollars By 2034. This estimated growth is expected to be driven by a promising CAGR of 8.20% over the next decade.
The increasing burden of diseases on the healthcare system due to irregular visits to hospitals for routine check-ups and sedentary lifestyle forces healthcare agencies, medical service providers and governments to prioritize regular and timely diagnosis of patients. This has created a favorable environment for wearable medical device manufacturers.
Regional and national health care agencies actively promote routine diagnosis through various awareness programs and campaigns. These initiatives are increasing awareness of products and devices needed to monitor and diagnose vital signs among the masses.
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Key Takeaways from the Wearable Medical Devices Market Report
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The wearable medical devices market has achieved market size With a value of 36,604.3 million US dollars In 2023. During the historical period, the market registered a CAGR of 10.7%.
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By product, the therapeutic wearable medical devices segment is estimated to gain a valuable share of 55% In 2024.
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Based on the application, the home healthcare segment is expected to gain a market share of 63% In 2024.
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The wearable medical device industry in the United States is expected to expand at a CAGR of 6.5% Until 2034.
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The wearable medical devices market in France is expected to register a CAGR of 8% From 2024 to 2034.
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The wearable medical devices market in India is expected to register an impressive CAGR of 18.40% During the forecast period.
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The market in Singapore is expected to grow at a CAGR of 13.10% Until 2034.
“The continuous progress and launch of updated wearable medical devices by key players is expected to serve as a market entry strategy for the leading players. In addition, players are expected to explore the potential of wearable medical devices in various new segments. He says Sabyasachi Ghosh (Associate Vice President, Future Market Insights, Inc.)
Competitive Landscape in Wearable Medical Devices Market:
Market players are developing advanced wearable devices and exploring new application cases for wearable medical devices, contributing to the growth of the market. Industry participants acquire companies with complementary technologies and collaborate with other healthcare organizations, technology providers and pharmaceutical companies to expand their distribution channels, leverage expertise and develop integrated solutions.
Players are also focusing on privacy and data security and prioritizing user-friendly designs to enhance user adoption and compliance. Industry participants engage in targeted marketing campaigns toward certain healthcare professionals and patient segments to increase brand recognition and promote device adoption.
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Recent Developments in the Wearable Medical Devices Market:
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In July 2023, Dexcom, a developer of fixed glucose monitors, revealed that it was manufacturing a type 2 diabetes monitor for patients who do not require insulin. The company also offers a cash payment option for patients who are not insured by health insurance companies and Medicare.
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In July 2023, Samsung announced that it is preparing to launch a “Galaxy Ring” equipped with smart health features in 2024. To make its latest wearable endeavor successful, the Korean tech giant is collaborating with international and local component manufacturers.
Top Manufacturers of Wearable Medical Devices Market:
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Key Segmentation of Wearable Medical Devices Market:
High School:
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Wearable monitoring and diagnostic devices
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Fetal and obstetric devices
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Continuous glucose monitoring devices
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Heart monitors
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Wearable therapeutic medical device
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Hearing
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Insulin pump
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Respiratory therapy devices
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Sleep apnea devices
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Non-invasive ventilation
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Health and fitness equipment
By application:
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Patient monitoring
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Home health care
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Health and fitness
By distribution channel:
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Hospital pharmacies
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Clinics
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Online channels
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Hypermarket
By region:
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north america
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Europe
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Asia Pacific
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Middle East and Africa
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latin america
Written by:
Sabyasachi Ghosh (Associate Vice President, Future Market Insights, Inc.) has over 12 years of experience in the healthcare, medical devices and pharmaceutical industries. His inquisitive and analytical nature helped him shape his career as a researcher.
Identifying the key challenges faced by clients and deriving robust hypothesis-driven solutions to empower them with strategic decision-making capabilities comes naturally to him. His core expertise lies in areas such as market entry and expansion strategy, feasibility studies, competitive intelligence, and strategic transformation.
With a degree in microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinalurgery News.
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The home care medical devices market has a forecast share of US$133,650.67 million in 2022 and is likely to exceed US$312,328.055 million by 2032, moving forward at a CAGR of 8.9% during the forecast period.
The reprocessed medical devices market in Asia Pacific is expected to reach US$428.4 million in 2023. By 2033, the market is expected to reach US$1,639.4 million, expanding at a CAGR of 14.4% in the meantime.
The medical automation market is estimated to obtain a valuation of US$48,626.2 million in 2023 and reach US$103,052.3 million by 2033. The global market is likely to attain a CAGR of 7.8% in the global market during the forecast period.
The diabetes care devices market is expected to be worth US$9.7 billion in 2022 and is expected to reach US$17.87 billion by 2032, growing at a rapid CAGR of 6.3% from 2022 to 2032.
The pain management devices market is expected to grow at a CAGR of 9% between 2022 and 2032, with a total value of more than US$5.68 billion by the end of 2032.
The 3D printed medical implants market is expected to grow at a CAGR of 12.5% to reach a value of US$2,494.5 million by 2032
About Future Market Insights (FMI)
Future Market Insights, Inc. provides (ESOMAR Accredited, Stevie Award Winner and Member of the Greater New York Chamber of Commerce) Deep insights into the driving factors driving market demand. FMI is a leading global provider of market intelligence, advisory services, advisory and events for the packaging, food and beverage, consumer technology, healthcare, industrial and chemicals markets. With an extensive team of more than 400 analysts worldwide, FMI provides global, regional and local expertise in diverse areas and industry trends across more than 110 countries.
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